Bad Experience

Horrible experience from start to finish when dealing with Pennymac.

First, once we had an accepted offer, I asked our loan processor Nathan Riedel to lock in our rate.

He informed me that because we previously locked in a rate on another home and did not end up going through with the deal, that we could not lock in the rate until after the home inspection.

Because of this, our interest rate ended up being .125% higher than it should have been.

Second, the Senior Loan Processor Vera Mendoza who was handling most of the work after having a pre-approval was impossible to deal with.

Every time I called her to ask a question, it would go to her voicemail.

I would follow up with an email and would be lucky if I got a response back within 24 hours.

The only way she would ever pick up the phone is if I asked to speak with someone else and then asked to be transferred to her line.

She was very difficult to work with, lacks urgency, and on a couple occasions, delayed the process where the seller sent us a letter to perform (All because Pennymac didn’t do what they were required to do).

Lastly, Nathan informed me that Pennymac never sells their loans.

Less than a month after closing on our home, I was informed that our loan was sold to another company.

All around, it was a bad experience. Customer service is definitely not important to them.

I would advise looking for another lender if you are in the market to purchase a home.

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Los Angeles CA US
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Reported Loss :7734 $
Severity of Scam :High
Reported by : Anonymous
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